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☆ Exclusive: Geely's Zeekr edges closer to US IPO, to make filing public this week - sources
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Zeekr confidentially filed for a U.S. initial public offering last December, aiming to raise more than $1 billion, Reuters has reported. However, the company is likely to raise less than the targeted amount from the IPO, one of the sources said. It offers four EV models in China, with its 001 crossover priced from 269,000 yuan ($36,927.22) as its best-selling EV. ($1 = 7.2846 Chinese yuan renminbi)Reporting by Zhang Yan in Shanghai and Scott Murdoch in Sydney.

Persons: Goldman Sachs, Morgan Stanley, Zeekr, Zeekr confidentially, Didi, Amnon Shashua, Andy, Zhang Yan, Scott Murdoch, Kane Wu, Kim Coghill Organizations: bourse, underwriters, U.S, Reuters, Mobileye, Intel Corp, Tesla, Zhejiang Geely, Thomson Locations: SHANGHAI, New York, China, United States, Beijing, Zhejiang, Zeekr, Netherlands, Sweden, Germany, Israel, Kazakhstan, Shanghai, Sydney, Hong Kong

☆ Cboe tops Q3 profit estimates on strong trading volumes
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

Chicago Board Options Exchange (CBOE) Global Markets sign hangs at its headquarters building in Chicago, Illinois, U.S., September 19, 2018. REUTERS/Michael Hirtzer Acquire Licensing RightsNov 3 (Reuters) - Exchange operator Cboe Global Markets Inc (CBOE.Z), on Friday sailed past analysts' estimates for third-quarter profit as transaction volumes surged amid spiraling volatility in the global markets across asset classes. Revenue from its options segment surged 14%, while total revenue rose 9% to $480.5 million. On an adjusted basis, Cboe posted a profit of $2.06 per share, compared to analysts' average estimate of $1.86, according to LSEG data. Cboe expects organic net revenue growth to be at the high end of its target of 7% to 9% in 2023.

Persons: Michael Hirtzer, Cboe, Sri Hari, Sriraj Organizations: Exchange, REUTERS, Cboe, Markets Inc, Revenue, Nasdaq, Intercontinental Exchange, Sri, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ A slower holiday sales season won't be a problem for these 4 consumer companies
▼ + stars: | 2023-11-02 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Holiday sales growth is expected to be sluggish this year as shoppers continue to get squeezed by sticky inflation. "Shoppers are setting strict budgets for their holiday shopping," BofA said in a recent note. And, on Wednesday evening, the company said October net sales rose 4.5% year-over-year to $18.53 billion, continuing a streak of monthly sales growth. TJX YTD mountain TJX Companies YTD TAG expects holiday sales at off-pricers to grow 6% year over year, which would be faster than last year's 4.3% increase. Black Friday and Cyber Monday will remain popular holiday shopping events, the analysts anticipate, as more shoppers spread out their holiday purchases.

Persons: BofA, discounters, Andy Jassy, Jim Cramer's, Jim Cramer, Jim, Eduardo Munoz Organizations: Club, Bank of America, Shoppers, Starbucks, Costco, TJX Companies, BofA, China comps, comps, TJX, Marshalls, TAG, Amazon, Deal, CNBC, People Locations: China, China comps ., Maxx, HomeGoods, U.S, Canada, New York City

☆ How Novo Nordisk makes its weight-loss drug Wegovy
▼ + stars: | 2023-11-01 | by ( Maggie Fick | ) www.reuters.com time to read: +3 min

[1/2] A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, August31, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 1 (Reuters) - Novo Nordisk (NOVOb.CO) is spending billions of dollars to boost output and ease shortages of its hugely popular, highly effective weight-loss medicine Wegovy. FILL-FINISHNovo has hired Catalent (CTLT.N), a large U.S. contract drug manufacturer, to fill injection pens for Wegovy at two of that company's plants: in Brussels and in Bloomington, Indiana. Novo has also hired another U.S. firm, Thermo Fisher (TMO.N), as a Wegovy pen filler. COMPONENTSThe Wegovy injection pens for the U.S. market slightly differ from those sold in the European markets including Norway, Denmark, Germany and UK, where it has so far launched.

Persons: Victoria Klesty, Catalent, Novo, Wegovy, Maggie Fick, Josephine Mason, Tomasz Janowski Organizations: REUTERS, Novo Nordisk, U.S, Novo, Reuters, PCI Pharma Services, autoinjectors, West Pharmaceutical Services, Stevenato, SCHOTT Pharma, Thomson Locations: Oslo, Norway, August31, Victoria, Danish, Novo, Denmark, U.S, Brussels, Bloomington , Indiana, Greenville , North Carolina, Greenville, Germany, Europe, Swiss

☆ Regulator imposes trading halt on Canada hedge fund after founder's death
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The regulator said it was informed on Saturday that Christopher Callahan, the sole director, officer and shareholder of Traynor, was dead. His death leaves Traynor without a director or officer in charge of the firm. "As a result, the three dealers have potential losses totalling approximately C$85 million ($61.27 million) to C$95 million," the regulator added, without naming the dealers. The firm and one of Callahan's colleagues listed on its website did not immediately respond to requests for comment. A Toronto police spokesperson said Callahan's death was not considered suspicious and they were not investigating.

Persons: Traynor, Christopher Callahan, Nia Williams, Jamie Freed Organizations: The Ontario Securities Commission, Inc, OSC, CIBC, Markets Inc, Canadian Imperial Bank of Commerce, TR1, Thomson Locations: Toronto, British Columbia

☆ McDonald's beats sales estimates as cheaper menu, new launches drive demand
▼ + stars: | 2023-10-30 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/3] The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. Global comparable sales at McDonald's jumped 8.8% in the quarter ended Sept. 30, while analysts on average expected a 7.36% rise, according to LSEG data. While overall dining traffic fell in all three months of the quarter, McDonald's saw a 7.3% jump in July, data from Placer.ai showed. U.S. comparable sales climbed 8.1% in the quarter, beating estimates of a 7.4% increase, thanks also to higher average spending at stores. Meanwhile, same-store sales in McDonald's international operated markets increased 8.3%, edging past expectations for 8.03% growth.

Persons: Benoit Tessier, McDonald's, Deborah Sophia, Sriraj Organizations: REUTERS, McDonald's, UBS, Thomson Locations: Bretigny, Paris, France, Placer.ai, U.S, Bengaluru

☆ Brazilian Lawmakers Advance Country’s Regulated Carbon Market
▼ + stars: | 2023-10-26 | by ( Paulo Trevisani | Luciana Magalhaes | ) www.wsj.com time to read: +5 min

A Brazilian carbon market would be an important addition to an expanding network of cap-and-trade systems around the world. Brazilian agricultural producers and miners hope the carbon market will help overcome headwinds in developed markets where consumers often associate them with deforestation. Exporters of manufactured goods using Brazilian grains, meat, iron-ore and other raw materials could also get a boost if carbon regulation improves the country’s environmental credentials, according to Brazilian business executives. Sen. Tereza Cristina —a former agriculture and livestock minister—defended the decision to exclude the sector from carbon regulation. “The farm sector isn’t ready for the regulated carbon market,” she said.

Persons: Eraldo Peres, Luiz Inácio Lula da Silva, Flávio Roscoe, ”, Marcio Astrini, Tereza Cristina —, —, Fábio Passos, Passos, Paulo Trevisani, Luciana Magalhaes Organizations: Associated Press, United, Observatory, Sen, Business, Bayer’s, luciana.magalhaes@wsj.com Locations: Brazil, Associated Press Brazil, Nations, United Nations, Pennsylvania, Minas Gerais, Europe, Latin America, paulo.trevisani@wsj.com

The decision by Saudi Arabia and Russia to extend the voluntary cuts drove up oil prices to over $90 a barrel in late September. Saudi crude exports to China rose to nearly 1.6 million bpd in September, up from 1.2 million bpd in August and 1.37 million bpd in July, Kpler data showed. U.S. CRUDE EXPORTS FALLAs the U.S. sees less crude imports, it has exported less oil to Europe. U.S. crude exports to Europe fell to 1.86 million bpd in September and 1.84 million bpd in August, from 2.01 million bpd in July, Kpler data showed. Tight supply led the premium for front-month Brent crude futures to rise to as much as $3.26 a barrel above the second month , the highest since 2022.

Persons: Lucy Nicholson, Matt Smith, Smith, refiners, Vortexa's Rohit Rathod, Adi Imsirovic, Brent, Stephanie Kelly, Alex Lawler, David Gregorio Our Organizations: Port, REUTERS, Brent, Organization of, Petroleum, Total U.S, Americas, Kpler, West, Surrey Clean Energy, CSIS, Midland, P, Insights, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, Saudi Arabia, Europe, Russia, Nigeria, Algeria, Saudi, China, Richmond , California, Los Angeles, Midland, Brent

☆ Morning Bid: Megacaps scatter in the cloud
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. But after the S&P500 staged an impressive 0.7% bounce on Tuesday, futures were back in the red again ahead of the open. The negativity cut across what was otherwise a more upbeat macro picture and a calmer bond market following recent ructions. Chinese developer Country Garden (2007.HK) is deemed in default on a dollar bond for the first time, Bloomberg News reported. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Alphabet's, Microsoft's, Baker Hughes, Teradyne, Hess, Jerome Powell, Barbara Lewis Organizations: New York Stock Exchange, REUTERS, Big Tech, Google, Microsoft, Meta, IBM, Boeing, Bloomberg News, Treasury, Bank of Canada, Deutsche Bank, United Health, General Dynamics, Whirlpool, Otis, Hilton, U.S, Reuters, PMI, Thomson Locations: New York City, U.S, HK, United States, Europe, Worldline, Germany, Ameriprise, EQT, Washington

☆ Weight-loss drugs driving hedge fund consumer stock flows -Goldman Sachs
▼ + stars: | 2023-10-25 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

For every two U.S. consumer staples stocks that hedge funds have shorted, they have bought one, Goldman Sachs said. U.S. companies ranging from supermarkets to beer have been under pressure on concerns about the impact of weight-loss drugs like Ozempic, Wegovy and Mounjaro. Shares in the U.S. consumer staples sector (.SPLRCS) are down roughly 8% this year, which some investors see as an overreaction to the new weight-loss drugs. "Consumer staples has been ignored and beaten up," said Bryant VanCronkhite, equities senior portfolio manager at Allspring Global Investments LLC. PORTFOLIO ROTATIONEuropean hedge funds have bought defensive stocks in October, while selling cyclicals, according to Goldman Sachs.

Persons: Goldman Sachs, Bryant, Carolina Mandl, Sharon Singleton, Leslie Adler Organizations: Allspring Global Investments, Thomson Locations: Europe, U.S, Israel, United States, Norway, Denmark, Germany, defensives, New York

☆ The NBA is back and expanding its global reach. Here's how
▼ + stars: | 2023-10-25 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +3 min

As the National Basketball Association's new season tips off this week, the league is seeing more international interest than ever. The NBA said it expects fans from more than 200 countries to tune in to games in more than 50 languages this season, with interest across international markets increasing significantly from last season. Global business accounts for about 10% of total team and league revenue, according to a person familiar with the matter. A significant factor driving the surge in international interest is the number of international players taking part in the league this season, according to Samantha Engelhardt, the NBA's senior vice president of global strategy and innovation. This season, all 30 NBA teams feature at least one international player, and 15 international players on opening-night rosters have been NBA All-Stars.

Persons: Nikola Jokic, Bones Hyland, Norman Powell, wasn't, Matt Brabants, Samantha Engelhardt, Nikola Jokić, Giannis Antetokounmpo, Victor Wembanyama, " Engelhardt, it's, Jokić Organizations: Denver Nuggets, Los Angeles Clippers, Crypto.com Arena, Basketball, NBA, Global, Milwaukee Bucks, San Antonio Spurs, Nuggets Locations: Los Angeles, India, Serbia, Greece, France

☆ French payment company Worldline slump nearly 40% as it cuts targets
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Shares in Worldline (WLN.PA) slumped nearly 40% on Wednesday after the French payment company cut its full-year targets as the economic slowdown hurt its business in key markets including Germany. The group also said it had cut ties with some of its merchants to reduce risks "in light of an increase in cybercrime." The group now sees organic sales growth in 2023 of between 6% and 7%, compared with 8% to 10% previously. It also forecast a 150 basis point drop in its operating margin before depreciation and amortization for 2023, compared with a previous forecast of a 100 bps increase. "Worldline missed sales estimates in every division...These results are a disappointment in terms of the full-year miss and also that long-term targets have been discarded," JPMorgan analysts said.

Persons: Worldline, Lina Golovnya, Silvia Aloisi Organizations: JPMorgan, Thomson Locations: Germany

☆ TI forecasts weak fourth-quarter as industrial weakness deepens
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

A Texas Instruments Office is shown in San Diego, California, U.S., April 24, 2018. Broader demand from the industrial market – Texas Instruments' biggest by revenue share – has worsened. China is a key market for Texas Instruments, with about 25% of its revenue coming from companies headquartered there. The company forecast current-quarter revenue between $3.93 billion and $4.27 billion, compared with analysts' average estimates of $4.49 billion, according to LSEG data. Revenue in the quarter ended Sept. 30 fell 14% to $4.53 billion, compared with estimates of $4.58 billion.

Persons: Mike Blake, Chavi Mehta, Shailesh Organizations: Texas Instruments, REUTERS, Texas, United Auto Workers, Revenue, TI, Thomson Locations: San Diego , California, U.S, Dallas , Texas, China, chipmakers, Bengaluru

[1/6] A used KIA EV6 electric car is seen for sale outside the showroom of a used car dealer in Manchester, Britain, October 19, 2023. But that is changing as companies rush to scale up EV battery tests - some of which take just minutes. "If the second-hand car market doesn't work properly, the new car market doesn't work properly and the electric transition won't happen," said Alex Johns, business development manager at Altelium, which says it has received interest from other markets including China. The race to properly value used EVs is becoming urgent because of a looming influx of vehicles. "People just want less risk," when buying a used EV, said Battery Quick Check managing director Katharina Alamo Alonso.

Persons: Phil Noble, EVs, Alex Johns, Marcus Berger, Berger, Tesla, Stephanie Valdez Streaty, Eldar Vagabov, Michael Willvonseder, Willvonseder, Scott Case, Case, Katharina Alamo Alonso, Nick Carey, Paul Lienert, Ben Klayman, Deepa Babington Organizations: REUTERS, EV, Volkswagen, Deutsche, Mobility, Cox Automotive, Wiener, Owners, TUV Rheinland, Thomson Locations: Manchester, Britain, DETROIT, U.S, Altelium, China, Austrian, Germany, Atlanta, Manheim, Europe, Wiener Neustadt, Vienna, Seattle

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON/NEW YORK, Oct 23 (Reuters) - The growth in demand for appetite suppressing anti-obesity drugs like Novo Nordisk's (NOVOb.CO) Wegovy presents opportunities for food manufacturers and the market's initially downbeat reaction may be overdone, investors say. Still, the stock market impact left some food manufacturers "trembling," said John Plassard, senior investment specialist at Nestle investor Mirabaud Group. The uptake in appetite suppressing drugs seems to be a U.S.-led dynamic, said My Nguyen, research analyst at Legal & General Investment Management America. "Elsewhere, trends such as wealthier, more mobile middle classes in emerging countries can support shifts towards snacking and convenience foods."

Persons: Victoria Klesty, Richard Saldanha, Wegovy, Kiran Aziz, Mark Schneider, John Plassard, Brian Frank, Frank, Nguyen, Richa Naidu, Matt Scuffham, Kirsten Donovan Organizations: REUTERS, Walmart, Nestle, Aviva, Novo Nordisk, EY, Industry, Health Sciences, Wellness, Mirabaud, Tyson Foods, Arcos Dorados, Legal, General Investment Management America, Germany's, Investments, Unilever, Coca Cola, Thomson Locations: Oslo, Norway, Victoria, United States, Denmark, Germany, Arda, Ural, U.S

☆ VinFast expects sales to founder's taxi venture to extend into 2024
▼ + stars: | 2023-10-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

In an interview, VinFast CEO Le Thi Thu Thuy said VinFast had not provided any financing to GSM. "For the next two quarters we still see GSM having demand for our vehicles, both EVs and e-scooters," Thuy said. A VinFast survey showed riders who had experienced a ride in a VinFast taxi operated by GSM were four times more likely to buy than customers who took standard test drives, she said. GSM launched Vietnam's first pure EV taxi service earlier this year. Thuy said no deliveries had been made to Autonomy yet, and that VinFast was "working on options for contract execution."

Persons: VinFast, Pham Nhat Vuong, Le, Thuy, Nguyen Van Thanh, Thanh, VinFast's, Phuong Nguyen, Raju Gopalakrishnan Organizations: Green SM, GSM, EV, Thomson Locations: HANOI, Vietnam, Laos, India, Indonesia, United States, U.S, Autonomy

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsSummary IEA trims 2024 oil demand forecast to 880,000 bpdOPEC sticks to 2024 forecast of 2.25 million bpdIEA cites signs of demand destruction from higher pricesLONDON, Oct 12 (Reuters) - The gap between two leading oil forecasters' views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group OPEC stuck to expectations for buoyant China-led growth. By contrast, in its latest report OPEC stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts - 1.37 million bpd - is equivalent to more than 1% of daily world oil use. Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. "In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in a monthly report.

Persons: Nick Oxford, Natalie Grover, Alex Lawler, Jason Neely, Susan Fenton, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, International Energy Agency, of the Petroleum, IEA, OPEC, Economic Co, Development, Thomson Locations: Midland , Texas, China, OPEC, Israel, Palestinian, Nigeria, Pakistan, Egypt, United States, London

☆ Earnings season begins with markets lower than three months ago, but expectations are higher
▼ + stars: | 2023-10-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Q3 S & P 500 earnings: Trending higher July 1: $55.76 Today: $55.78 Source: LSEG Q4 S & P 500 earnings: Trending higher July 1: $57.58 Today: $58.14 Source: LSEG The fact that the third quarter estimate of $55.78 is slightly below the third quarter of last year ($56.02) is not important; what matters is the trend in earnings. For Q3 2023, 76 S & P 500 companies have issued negative EPS guidance and 42 S & P 500 companies have issued positive EPS guidance, according to John Butters, senior earnings analyst at FactSet. "The earnings outlook for the S & P 500 for the third quarter is less negative relative to recent quarters," Butters told clients. "The percentage of companies issuing negative earnings guidance is equal to the 10-year average." Here's what stands out: The average earnings growth was 10.6%; the average revenue growth was 4.2%.

Persons: —, John Butters, Butters, Nick Raich, It's, Chadha Organizations: FactSet, Companies, FedEx, Oracle, Darden, Costco, Pepsi, PepsiCo, Frito, Barclays, JPMorgan, Deutsche Bank Locations: America, AutoZone, United States, Mexico, Russia, Canada, China, South Africa, Japan, abate

☆ Analysis: Trend hedge funds come out winners in bond market rout
▼ + stars: | 2023-10-06 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

Yet in one corner of the hedge fund world, there's a sigh of relief. So-called trend following and systematic hedge funds have long positioned for a fall in government bond prices given higher-for-longer inflation. AlphaSimplex is a $7.9 billion trend following hedge fund. While many trend funds, also known as "managed futures" funds, use price data, their trading models might also interpret macro economic factors playing out in markets. Some trend funds shrank their fixed income holdings in response to the March turmoil.

Persons: Carlo Allegri, Kathryn Kaminski, Morningstar, Razvan Remsing, Yao Hua Ooi, Laurent Le Saint, Metori, Aspect's, Nell Mackenzie, Dhara Ranasinghe, Susan Fenton Organizations: New York Stock, REUTERS, Generale, Reuters, Silicon Valley Bank, Treasury, Virtus, AQR Capital Management, Capital Management, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Germany, Boston, Silicon, Europe, China, Paris, EU, Japan

The jobless rate stayed at 5.5% for a third consecutive month, Statistics Canada said. Wage growth is also beating market expectations," said Michael Greenberg, a portfolio manager for Franklin Templeton Investment Solutions. "Despite the aggressive rate hikes by the Bank of Canada, clearly demand remains strong and companies continue to hire. Money markets increased bets for a rate increase later this month after the jobs figures were published. With September's robust gains, the economy is averaging 30,000 monthly employment growth this year, up from 25,000 a month earlier.

Persons: Carlos Osorio, Michael Greenberg, Greenberg, Derek Holt, Holt, haven't, they've, we're, Statscan, Ismail Shakil, Nivedita Balu, Steve Scherer, Fergal Smith, Dale Smith, Mark Porter Organizations: Queen, West, REUTERS, Rights OTTAWA, Statistics, Reuters, Franklin Templeton Investment Solutions, Bank of Canada, Scotiabank, Thomson Locations: Toronto Ontario, Canada, Statistics Canada, U.S, Ottawa

☆ Oil falls over $2 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel. Russian Deputy Prime Minister Alexander Novak said joint voluntary cuts by Russia and Saudi Arabia have helped to balance oil markets. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, Alexander Novak, Novak, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Oil falls over $1 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Siemens is case study in China de-risking dilemma
▼ + stars: | 2023-10-04 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +9 min

That’s unsettling for the likes of Siemens, $62 billion carmaker Volkswagen (VOWG_p.DE) and $39 billion chemicals group BASF (BASFn.DE). Factor in the German group’s 32% stake in Siemens Energy (ENR1n.DE) and 75% holding in Siemens Healthineers (SHLG.DE), currently worth 46 billion euros, and it adds up to 156 billion euros. The unit and Siemens’ Airport Logistics unit, which press reports say could be another divestment candidate, may only be worth 4 billion euros combined. Moreover, Kaeser already tried to boost Siemens’ valuation by partially spinning off subsidiaries. As of September, Siemens had bought back 2.5 billion euros of shares since starting a 3 billion euro share repurchase programme in November 2021.

Persons: Roland Busch, France’s Legrand, Busch, Joe Kaeser, he’s, Kaeser, Germany’s Bundesbank, Siemens, Goldman Sachs, Judith Wiese, George Hay, Oliver Taslic Organizations: Reuters, Siemens, Germany’s, Barclays, Reuters Graphics Reuters, Volkswagen, BASF, Software, Dassault, Automation, ABB, Smart Infrastructure, Siemens Energy, Siemens ’ Mobility, France’s Alstom, CRRC Corporation, Siemens ’ Airport Logistics, Siemens Healthineers, Toshiba Corp, Energy, BNP, Bloomberg, Financial Times, Thomson Locations: China, Brussels, Beijing, Germany, EMEA, Swiss, Middle Kingdom, Republic, Shenzhen, Sichuan, Chengdu, Southeast Asia, Indonesia, Vietnam, Thailand

☆ Here are Wednesday's biggest analyst calls: Tesla, Apple, Microsoft, Mattel, Amazon, Costco & more
▼ + stars: | 2023-09-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS reiterates Apple as neutral UBS said its survey checks show wait times for Apple's newest iPhone are shorter than compared to one year ago. Deutsche Bank reiterates Tesla as buy Deutsche said it sees "meaningful downside risk" in 2024 for Tesla, but that it's standing by its buy rating. " Bank of America reiterates Costco as buy Bank of America said it's standing by its buy rating after the company's earnings report Tuesday. "We initiate coverage of Leonardo DRS with a Buy rating and a $20 price objective, implying 23% upside potential." Bank of America reiterates Walmart as buy Bank of America said it sees gross margin expansion continuing for shares of the big box retailer.

Persons: Tesla, Goldman Sachs, Goldman, Brent, Morgan Stanley, Leonardo, Mattel, Evercore, TD Cowen, Levi's, William Blair, Berenberg, DA Davidson Organizations: Street, HSBC, Johnson, UBS, Apple, Deutsche Bank, Deutsche, Chevron, Bank of America, Occidental Petroleum, Costco, Kosmos Energy, of America, T Bank, MTB, Amazon, Electric Vehicle Supply, Leonardo DRS, BMO, Microsoft, Mattel, Biosciences, Twist Bioscience Corp, Walmart Locations: China, Europe, Berkshire

☆ Uber partners with California taxi operators to boost supply
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 26 (Reuters) - Uber Technologies (UBER.N) is partnering with Los Angeles Yellow Cab and its affiliates to increase the supply of taxis on the ride-hailing giant's platform, the company said on Tuesday. Under the new partnership, taxis associated with LA Yellow Cab and its five partner fleets will get bookings through the Uber app. The six taxi companies - which include San Diego Yellow Cab, California Yellow Cab, Long Beach Yellow Cab, Fiesta Taxi Cooperative and United Checker Cab - will add up to 1,200 cabs to the Uber platform. "We anticipate that this partnership will have a positive impact for our driver-owners as the pandemic recovery continues," said William Rouse, CEO of Los Angeles Yellow Cab.

Persons: Arnd, Uber, Lyft, William Rouse, Arsheeya, Devika Organizations: REUTERS, Technologies, Los Angeles Yellow Cab, San Diego Yellow Cab, Fiesta Taxi Cooperative, United Checker, Thomson Locations: Davos, Switzerland, Europe, Asia, San, California, Bengaluru

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